This paper presents a theoretical analysis of mechanical and electrical noise in the sense channel of micro-electromechanical systems (MEMS) vibratory gyroscopes. Closed-form expressions for the power spectral density (PSD) of the noise equivalent rate (NER) of gyroscopes in the open-loop and the force-rebalance operations are derived by using an averaged PSD model and an equivalent transfer function. The obtained expressions are verified through numerical simulations, demonstrating close agreements between the analytic and the numerical models. Based on the derived expressions for the PSD of the NER, the impacts of the modal frequency split, quality factor, and the gain of the feedback forcer, as well as the gain of the signal conditioning circuit, on the gyroscope noise characteristics are theoretically analyzed. In addition, the angle random walk (ARW) and the standard deviation of the NER are also discussed through the PSD models. Finally, the effects of the loop closing, the mode matching, and the gain of the feedback forcer on the PSD of the NER were verified via a MEMS vibratory gyroscope with a tunable modal frequency split.